Tax incentives, supply chain spillovers, and human capital structural upgrading

Jingyi Li, Wanni Liu, Liang Chen and Haibo Qi

International Review of Financial Analysis, 2025, vol. 106, issue C

Abstract: This paper investigates the impact of tax incentive policies on the upgrading of corporate human capital structure and its underlying mechanisms. Based on data from Shanghai and Shenzhen listed companies from 2011 to 2023, we employ the Difference-in-Differences (DID) model, using the accelerated depreciation policy for fixed assets as a quasi-natural experiment. We find that: Tax incentives significantly promote human capital structure upgrading; the parallel trend test confirms the model's rationality; PSM-DID endogeneity tests show robust conclusions; mediation effect analysis finds tax incentives suppress supply chain spillovers, promoting human capital structure upgrading; mechanism tests reveal tax incentives alleviate financing constraints.

Keywords: Tax incentives; Supply chain spillovers; Upgrading of human capital structure (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:106:y:2025:i:c:s1057521925006258

DOI: 10.1016/j.irfa.2025.104538

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